I think the laundry list of reforms they're proposing certainly will be appreciated by shareholders, but I think it's probably too late to affect the voting at this point.

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Instead of subscribing to a best-practices principle that should be applied to all companies, we look at individual firms and how they performed in making a voting recommendation.

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That's even surprised some compensation committees, because they had not been tallying it up to see what the aggregate dollar amount might be.

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